In the US, the real estate market crash has affected South Florida more drastically than most markets. The value of homes has dropped a staggering 55 percent. Numerous home owners, around 43 percent, have negative equity. A report released last week by the Mortgage Banker’s Association stated that 25 percent of homes in South Florida are in foreclosure. Statistics like these have were similar the Great Depression and shows no signs of improvement.
South Florida has seen 1 in five homes with delinquent mortgage payments that are entering foreclosure. In the past walking away from a home was unheard of as most would struggle to keep their homes with the assistance of a foreclosure attorney. The stigma of foreclosure is dwindling despite the adverse effects it can have on credit rating which jeopardize the chances of obtaining future loans.
The number of people walking away from their mortgages has double in five years. Employing a foreclosure lawyer can be beneficial to those facing foreclosure by outlining the options available to them. The future of the real estate market is unclear as the economy is growing very slowly. Price increases of fuel and food along with the high unemployment rate may make growth in the real estate market even slower and more individuals could walk away from their mortgage loans. People who decide to give up their homes and rent instead need foreclosure attorneys to make sound decisions.
